Common use of GUARANTEE OF WORK Clause in Contracts

GUARANTEE OF WORK. 1. ▇▇▇▇▇▇▇▇▇ agrees to guarantee and warrant against defects in the workmanship or materials of the Public Improvements installed in the Development as required by this Agreement for the Warranty Period. If any defects should appear in any Public Improvement during the Warranty Period, Developer agrees to make required replacement or acceptable repairs of the defective work or materials at its own expense. This expense includes total and complete restoration of any disturbed surface or component of the improvement to the standards provided in the plans and specifications regardless of improvements on lands where the repairs or replacements are required. If such repair or replacement is not made by Developer, the City shall give Developer sixty (60) days written notice, provided the financial guarantee would not otherwise expire in the interim or within the time needed to make such repair or replacement, prior to the City making or causing to be made such repair, and Developer shall immediately reimburse the City for all such expenses, or the City will draw on Developer’s financial guarantee. Notwithstanding the foregoing, in the event the required repair or replacement requires longer than sixty (60) days to complete, and Developer has, during such sixty (60) day period, undertaken such repair or replacement and is diligently following same through to completion, the City may not take those actions described in this paragraph, unless the financial guarantee would otherwise expire during said completion by the Developer, and Developer has not extended, in a reasonable manner, the time period prior to said expiration. 2. The City reserves the right to draw on the Security in lieu of the provisions in the above paragraph if it appears, in the reasonable judgment of the City Inspector, that Developer either will not or cannot make the necessary repairs or performance in a reasonably satisfactory manner. The City agrees to provide written notice of sixty (60) days, as an opportunity to cure any defects prior to proceeding against the financial guarantee, provided no emergency affecting health or safety is imminent, and provided no expiration of the guarantee would occur during that time period; provided, however, that, in the event the required repair or replacement requires longer than sixty (60) days to complete, and Developer has, during such sixty (60) day period, undertaken such repair or replacement and is diligently following same through to completion, the City may not take those actions described in this paragraph, unless the Security would otherwise expire during said completion by the Developer, and ▇▇▇▇▇▇▇▇▇ has not extended, in a reasonable manner, the time period prior to said expiration. 3. All guaranties or warranties for materials and workmanship which extend to the Developer beyond the Warranty Period and which can be legally assigned shall be assigned by the Developer to the City.